WeWork India announced its lease of 2.72 lakh sq ft of office space in Bengaluru and Hyderabad, planning to establish two new facilities with around 4,000 desks. The co-working giant is expanding its footprint in South India with the addition of two new buildings.
WeWork India has finalized lease agreements for Manyata Redwood in Bengaluru and RMZ Spire in Hyderabad, paving the way for the establishment of two new centers in the near future.
In Bengaluru, WeWork India has acquired 1.17 lakh sq ft, providing space for more than 1,700 desks. Meanwhile, in Hyderabad, the company has secured 1.54 lakh sq ft, accommodating nearly 2,220 desks.
Since it entered the Indian market in 2017, WeWork India has significantly expanded its portfolio to encompass over 6.5 million sq ft of office space spread across 50 locations. These locations include New Delhi, Gurugram, Noida, Mumbai, Bengaluru, Pune, and Hyderabad.
On November 7, WeWork India assured that its operations in the country would not be affected, clarifying that it is not part of the bankruptcy proceedings initiated by WeWork Global in the US court.
Embassy Group, a Bengaluru-based real estate firm, holds a 73% stake in WeWork India, while WeWork Global owns a 27% share.
A recent report titled ‘Flexing the Workspace-Back to Office’ by real estate consultant Vestian highlighted that India has over 7.6 lakh seats available with flexible space operators across more than 1,000 centers. The report identified 50 major flexible space operators, with the top 10 holding 84% of the total flexible office space portfolio.
According to Vestian, flexible office spaces encompass dedicated desks, hot desking, co-working spaces, and serviced and managed office spaces. Co-working centers represent the most flexible, while managed offices are at the less flexible end.
Apart from WeWork India, major co-working players in the market include Smartworks, Simpliwork Offices, Awfis, Table Space, Skootr, The Executive Centre, Urban Vault, IndiQube, Incuspaze, 91Springboard, 315Work Avenue, Akasa Coworking, The Office Pass, Avanta India, and BHIVE Workspace.